New reports have surfaced regarding the burgeoning metaverse land sales, a phenomenon fueled by the evolution of web technologies. These reports indicate that sales on the four major platforms, collectively known as the ‘Big Four,’ have surpassed $500 million, with projections suggesting a potential doubling of this figure in 2022.
The metaverse, a hot topic in recent times, is witnessing a continuous surge in real estate transactions. Reports emphasize the exponential growth of metaverse real estate sales, especially on platforms termed the ‘Big Four’: Sandbox, Decentraland, Cryptovoxels, and Somnium.
Janine Yorio, CEO of Republic Realm, a metaverse real estate investor and consulting firm, acknowledged the substantial risks involved but highlighted the potential for significant rewards in a CNBC report.
The ‘Big Four’ companies, namely Sandbox, Decentraland, Cryptovoxels, and Somnium, have stood out prominently in metaverse land sales. Reports from MetaMetric Solutions reveal that the total sales on these platforms exceeded $500 million in 2021, and there are expectations for this figure to double in 2022.
The data provided by MetaMetric Solutions indicates that land sales reached $501 million in 2021, with January sales alone surpassing $85 million. If this pace continues, there is an estimation that sales could reach around $1 billion in 2022.
The rebranding of Facebook to Meta on October 28, 2021, significantly accelerated land sales in the metaverse. November saw the most significant surge in land sales, soaring nearly ninefold to $133 million. Although sales tapered off in December, January 2022 witnessed land sales prices exceeding ten times compared to the same month in 2021.
A report by BrandEssence Market Research predicts a 31 percent annual growth in the metaverse real estate market from 2022 to 2028.
Sandbox dominates the market with 62 percent of available land across all four platforms and three-quarters of all land sales in 2022. As of December, Sandbox’s 166,464 parcels were sold for an average of $12,700 in Ethereum, each parcel measuring 96 meters by 96 meters.
Decentraland, the second player in the market, offered 90,600 parcels of 16 meters by 16 meters for sale. Each of these parcels reportedly sold for Ethereum equivalent to $14,440. The total available land for sale across all four platforms amounts to 268,645 parcels of varying sizes.
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